Daniel Mankani "DynamicTrader – Trend Trading Dynamics" Trading for a living, systematically profiting from longer term trends.

6Feb/12Off

USDJPY Last 76.75 I am looking for a…

USDJPY - Last 76.75, I am looking for a bottom in the multi year down trend in USDJPY this year. Are the lows already in place, can't tell, is there a jerk of reaction below 76 figure, its hard to call, but it does seem a quite intervention is underway, JPY has seen the held up without much fanfare and some are attributing this to the much better than expected Employment numbers of last week.

Japan fell behind China, for the first time last year, this year {2012} it had it first trade deficit in almost 3 decades, reports also surfaced on the declining population in Japan and the stronger YEN is really affecting them.

The Koreans on the other hand are tasting success by overtaking most of Japanese corporations and the Chinese are also internally happy about the plight in Japan.

On the technical front, 76.80 is been tested, above here 77.30 is formidable. A break above here puts 78.20 back in focus, which am expecting to break this time around. This week we will also know about Japan's fiscal situation. Break of 76.40 aborts and puts the 76 figure back into focus.

Traders are wanting a Japanese Intervention to be able to short dollar at better levels, if a slow bid intervention is already underway, a surprise is in store for those, who are looking for tops to short, all BOJ has to do, is hold up the BID.

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